We are incredibly proud that Opulous is built on Algorand ‘The Green Blockchain’. Its forward thinking technology, ecosystem and community made it easy to partner and build our platform together.
As our MFTs and Artwork NFTs use Algorand technologies, we require our community to hold at least 0.4 ALGOs in their Algorand Wallets in order to receive assets. In this blog, we will be covering these steps:
- How to buy ALGO using an exchange
- How to transfer ALGO to an Algorand Wallet
- How to buy ALGO using Pera Wallet
What is Algorand?
Algorand is an open source blockchain designed by Turing Award winner and MIT professor Silvio Micali. It launched in June 2019. Algorand (ALGO) aims to achieve all three challenges of blockchains today: security, scalability, and decentralization.
In Algorand’s consensus algorithm, called Pure Proof-of-Stake (PPoS), the network ties its security to the honesty of the majority. The consensus mechanism ensures full participation, protection, and speed within a truly decentralized network. With blocks finalized in seconds, Algorand’s transaction throughput is on par with large payment and financial networks.
How to buy ALGO using an exchange
ALGO can be purchased on crypto exchanges by using FIAT currencies. These allow you to buy coins with pounds, euros, dollars etc. To buy ALGO on an exchange, you’ll first need to create and validate your account by giving some personal information. Once approved by the exchange, you’ll be able to start buying ALGO. You can buy ALGO on the following exchanges:
How to transfer ALGO to your Algorand Wallet
When investing in crypto — safety is of utmost importance.There are two things that matter the most — security and ownership of your assets. In these wallets you can store ALGO and other ASA (Algorand Standard Asset) like OPUL but also MFTs and Artwork NFTs. We recommend using the following ALGO wallets:
- Download and create your My Algorand Wallet
- Click on ‘Receive’ and copy the address to receive tokens from your exchange.
- Go over to your exchange, find the option to withdraw ALGO and send your coins using your address.
- Send your coins to your wallet.
- Download Pera Wallet and create your account.
- Click on ‘Receive; and use the address to receive tokens from your exchange.
- Go over to your exchange, find the option to withdraw ALGO and send your coins using your address.
- Send your coins to your wallet.
How to buy ALGO using Pera Wallet
We recently partnered with Pera Wallet, the official wallet for Algorand. Within the Pera Wallet app you are able to directly purchase ALGO and have your coins sent directly to your wallet. Please follow the instructions below:
- Download Pera Wallet
- Open Pera Wallet & click ‘Buy ALGO’.
- Select your wallet.
- Follow the instructions and pay via MoonPay.
There you have it, now you should be able to buy and securely store ALGO in your wallet ready to receive MFTs and Artwork NFTs!
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